Argent Property Co. developing 3.2 million ft. industrial park Dallas-based Argent Property Co. is developing Frankford Trade Center, a 165-acre industrial park located in Carrollton, Texas, northwest of Dallas. When complete, Frankford Trade Center will comprise 3.2 million sq. ft. of distribution, light industrial and related office space.

Frankford qualifies for a freeport exemption, which lowers the cost of taxes on inventory. The site also has been granted a foreign trade zone designation by the U.S. Department of Commerce. The designation offers manufacturers specific cost savings on imported products.

Argent has completed two buildings at the park which comprise approximately 200,000 sq. ft. and, in a joint venture with Meridian Industrial Trust, has under way a freestanding, 709,920 sq. ft. building which is scheduled for occupancy in second quarter 1998.

American Industrial Properties completes $89.6 million merger The shareholders of Irving, Texas-based American Industrial Properties and the limited partners of four USAA real estate limited partnerships (USAA Real Estate Income Investments I, II, III and IV), based in San Antonio, Texas, have approved the merger of the partnerships with and into the trust.

With the completion of the merger, American Industrial Properties REIT will own or control a total of 35 properties comprising 4.3 million net leasable sq. ft. located in 10 states. The merger also brings more than 18,000 new shareholders to American Industrial Properties REIT.

First Industrial acquires portfolio totaling 4.2 million sq. ft. First Industrial Realty Trust Inc., based in Chicago, has acquired the industrial portfolio and management and leasing operation of Pacifica Holding Co. in Denver. The portfolio includes 106 properties totaling 4.2 million sq. ft. of industrial space. First Industrial purchased the portfolio for $20 million.

Grubb & Ellis Co., based in Northbrook Ill., provided brokerage/consulting services during the transaction.

Distribution center receives $6.6 million in acquisition funding Ashworth Mortgage, based in Newton, Mass., has placed acquisition financing totaling $6.6 million for South Street Distribution Associates. South Street acquired a 309,932 sq. ft. warehouse/distribution facility located on a 36.5-acre site in Northborough, Mass. The facility is leased to Toys "R" Us.

Ashworth coordinated the placement with Boston-based Berkeley Essex Group.

IDI purchases Florida land for spec bulk distribution facilities In Broward County, Fla., west of Fort Lauderdale, Atlanta-based Industrial Developments International, Eastern Region, has purchased 70 acres in the Weston Park of Commerce. When complete, IDI's development will comprise six buildings totaling more than 1 million sq. ft.

IDI has begun the first phase of its Weston Business Center development with two bulk distribution buildings: a 224,650 sq. ft. facility designed for tenants requiring 50,000 sq. ft. or more and a 152,082 sq. ft. building, which is intended for users requiring 16,000-plus sq. ft. The buildings are under way and are scheduled for completion in May 1998.

International team begins Manila mixed-use reclamation project A team comprising government agencies and private companies is transforming the 21-hectare Smokey Mountain dump site Manila, Philippines, and 79 hectares of land along Manila Bay into Manila Bay Harbor, a mixed-use development that will include industrial, office and residential facilities.

The Manila Harbor Centre reclamation project will include the Philippines' first waterfront container port, an industrial complex and a central business district, as well as adjacent residential communities and institutional services targeted toward multiple income groups.

The 3,500 squatter families who formerly lived in the Smokey Mountain dump site have been relocated to temporary warehouse-type housing, with permanent medium-rise residential units under construction nearby.